Second Quarter 2020 – Portfolio Planning

Canada, like the rest of the world, is embroiled in the COVID-19 pandemic. Overall, Canada has handled this crisis well especially in light of our continental and European neighbours. But similarly, Canada has witnessed a terrible toll of deaths of our elderly.


The headlines in mainstream media, social media and conversations with our friends keep this subject at the forefront of our consciousness. This has led individuals to more thoughtfully consider the plans they have in place, or plans they would like to implement, surrounding estate and incapacity planning.


Social distancing has raised many issues surrounding the signing of formal wills and powers of attorney or protective matters. Generally, formal wills and powers of attorney in most provinces throughout Canada require an individual to sign their documents in the presence of one or two witnesses who are physically present at the same time. Physical distancing measures have made it more difficult to meet these requirements and has complicated the execution of formal wills, powers of attorney and protective mandates. Some provincial legislatures and many estate planning professionals have come up with innovative ways to overcome the hurdles that have arisen as a result of this pandemic.


On April 7, 2020, an Emergency Order in Council was issued by the Ontario government authorizing the virtual witnessing of wills and powers of attorney for property and personal care during the declared state of emergency. In Saskatchewan, virtual witnessing was authorized on March 25th with respect to enduring powers of attorney, and on April 16th in relation to wills. Similarly, on May 14th, Manitoba passed the Emergency Measures Act which temporarily permits the execution of wills, powers of attorney and health care directives with virtual witnesses, provided certain conditions are met. All of the emergency measures passed by these three provinces require the involvement of a lawyer or paralegal (Ontario only) in the witnessing process.


Provinces such as British Columbia, Alberta, Nova Scotia and New Brunswick, have not at this time invoked legislative changes to address the issues with executing wills and powers of attorneys that have arisen. In some of these provinces, the legislation governing formal wills and powers of attorney already include curative provisions that may be relied upon for such documents that do not comply with all legal requirements, including those surrounding witnessing. However, a court application to obtain an order or declaration may be necessary in order to validate such wills or powers of attorney.


Handwritten wills

Wills completed entirely in the handwriting of an individual without the requirement of witnesses (holographic wills) may be considered by those who live in provinces in which they are recognized (e.g., Alberta, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Saskatchewan). While holographic wills may be effectively executed during these difficult times of physical distancing, they may not be suitable for everyone, especially those with complex estate plans. Holographic wills should be undertaken with the guidance and oversight of a knowledgeable legal professional.


What should individuals do?

Given the continuously changing nature of the response to the pandemic and the variety of approaches taken by legislatures and practitioners, anyone contemplating changes to their estate documents should consult with their trusted legal professional to determine the correct approach for them to finalize their estate documents. Although these difficult times present unique challenges for the execution of estate documents, rest assured that it is possible to move forward with estate planning without delay.


How we can help

We can help you assess the impact of these proposals on your personal finances or business affairs and show you ways to take advantage of their benefits or ease their impact.



Download the complete Second Quarter 2020 Portfolio Planning:

Second Quarter 2020 - Portfolio Planning
.pdf
Download PDF • 474KB

Anchor Pacific Investment Management Corp. (“Anchor Pacific”)  is a Vancouver, BC-based portfolio management firm, which leverages process, technology, and infrastructure to democratize the process of managing endowment and pension style investment portfolios to deliver innovative, high-touch, and transparent investment programs across the full spectrum of asset owners and investment consumers.


To learn more about how Anchor Pacific can help you shelter, protect, and grow your money, contact us at 604-336-9080 or info@anchorpacificgroup.com

Aligned Capital Partners Inc. (“ACPI”) is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and Investment Industry Regulatory Organization of Canada (“IIROC”). Investment services are provided through Anchor Pacific Investments, an approved trade name of ACPI. Only investment-related products and services are offered through ACPI/Anchor Pacific Investments and covered by the CIPF. Financial planning and insurance services are provided through Anchor Pacific Wealth Management. Anchor Pacific Wealth Management is an independent company separate and distinct from ACPI/ Anchor Pacific Investments.

Aligned Logo White.png
CIPF-Logo-White.png
IIROC Logo White.png

Back to: